Law firms fear for NYC partners

Chicago-area firms with significant New York presence were on high alert this morning, checking on colleagues with offices in or near the World Trade Center.

Chicago law firm Sidley Austin Brown & Wood had an office in the World Trade Center. A spokesman for the firm said much of the staff was able to evacuate, and key members of the firm had been on their way to Los Angeles for a management committee meeting.

Nevertheless, he said, "It's hard to have any optimism. It's possible that many of the firm's employees were still there." Sidley is temporarily relocating its New York office to its Midtown location.

Brown & Wood, with more than 350 employees in the building, had its own entrance. Sidley itself has more than 100 employees in offices elsewhere in New York. The firm had been planning to consolidate its New York offices in the World Trade Center.

In response to today's events, Sidley shut down its 13 worldwide offices, located in the United States, Europe and Asia.

"At this point, we are letting all employees know they can feel free to go home," said a spokesman for Heller Financial Inc., located at 500 W. Monroe St. Heller consulted police and the FBI and was told "that our building is not a target," but there is "concern about collateral damage for every building in the Loop."

While many local legal and financial offices were closed, Wayne Whalen, a partner in the Chicago office of Skadden Arps Slate Meagher & Flom, said the tragedy forced attorneys to scramble. "We have clients in need of advice. They want to know what to do when you can't price your securities. . . .You can't let a bunch of terrorists shut down the country."